ESIC Plan Adds 15.72 Lakh New Members in July

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Very last Up to date: September 23, 2022, 19:17 IST

Net new enrolments with retirement fund human body EPFO stood at 18.23 lakh in July 2022.

Gross new enrolments with Employees’ Point out Insurance Company rose to 1.49 crore in 2021-22, from 1.15 crore in 2020-21

Around 15.72 lakh new members joined the ESIC-operate social safety scheme in July 2022, in accordance to formal info produced on Friday. The most current info is aspect of a report — Payroll Reporting in India: An Employment Point of view – July 2022 — launched by the National Statistical Workplace (NSO).

It confirmed that the gross new enrolments with Employees’ Point out Insurance policy Corporation (ESIC) rose to 1.49 crore in 2021-22, from 1.15 crore in 2020-21. It was 1.51 crore in 2019-20 and 1.49 crore in 2018-19. From September 2017 to March 2018, all-around 83.35 lakh new subscribers joined the ESIC plan.

The report stated gross new enrolments with ESIC from September 2017 to July 2022 were 7.08 crore. The NSO report is based mostly on the payroll data of new subscribers of different social safety techniques operate by ESIC, the Employees’ Provident Fund Organisation (EPFO) and Pension Fund Regulatory and Enhancement Authority (PFRDA).

In accordance to the report, internet new enrolments with retirement fund entire body EPFO stood at 18.23 lakh in July 2022. It showed that from September 2017 to July 2022, around 5.7 crore (gross) new subscribers joined the Employees’ Provident Fund plan.

The report stated given that the variety of subscribers is from several resources, there are elements of overlap, and the estimates are not additive. NSO also stated the report gives distinct views on the concentrations of work in the formal sector and does not evaluate employment at a holistic degree.

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